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Azerbaijan Banks to Ensure Compliance with Central Bank’s Digital Currencies Regulations

Comprehensive Compliance Training Program Launched

A comprehensive compliance training program has been designed to equip bank employees in Azerbaijan with a deep understanding of the regulatory requirements for Central Bank’s Digital Currencies (CBDCs) and how to ensure compliance with relevant laws and regulations.

Program Objectives

The program aims to provide participants with the necessary competencies to:

  • Identify and assess regulatory risks
  • Implement effective compliance policies and procedures
  • Monitor and report compliance issues
  • Communicate effectively with stakeholders

By the end of this training program, participants will have a better understanding of the regulatory requirements for CBDCs and how to ensure compliance with relevant laws and regulations.

Target Audience

The target audience includes:

  • Employees involved in the design, development, and management of CBDCs
  • Compliance officers and risk managers
  • Legal and regulatory affairs personnel

Program Competencies

The program’s competencies include:

  • Knowledge of regulatory compliance requirements for CBDCs
  • Ability to identify and assess regulatory risks
  • Ability to implement effective compliance policies and procedures
  • Ability to monitor and report compliance issues
  • Ability to communicate effectively with stakeholders

Participants will learn about the risks of non-compliance with regulatory requirements, consequences of non-compliance for CBDCs and the organization as a whole, and best practices for ensuring compliance with regulatory requirements.

Program Topics

The training program will cover a range of topics, including:

  • Introduction to regulatory compliance for CBDCs
  • Licensing requirements
  • Reporting requirements
  • Compliance requirements for anti-money laundering (AML) and combating the financing of terrorism (CTF) regulations
  • Implications of non-compliance with regulatory requirements

Participants will gain insights into the types of licenses required for CBDCs, application and approval processes, ongoing compliance requirements, types of reports required, timelines for submitting reports, and requirements for maintaining records.

Importance of Compliance Training

This training program is essential for bank employees in Azerbaijan to ensure they are equipped with the necessary knowledge and skills to navigate the complex regulatory landscape for CBDCs and avoid potential risks and penalties.